I think our next question comes from Mark Miller with William Blair.

Mark Miller – William Blair & Company, L.L.C.

Hi, good morning. I was hoping you could address the opportunity to capture lower rental expenses, can you remind us what percentage of your store leases are renewing each year and are you seeing something on the order of a double-digit decline in rents or if you could help us size that, that would be helpful.

R. James Kelly

Mark, as you know the real estate market typically trails other economic indicators. What we have seen is that it is softening. We don’t think it’s at the bottom yet. We do see an opportunity and it worked well structurally to prepare ourselves to capitalize on it in that roughly 15% to 20% of our stores will have leases up for renewal this year.

So far, let’s say over the last couple of quarters, we’re seeing some fairly meaningful concessions as a part of this renewal effort. We would expect for that trend to continue and potentially if real estate continues to be pressured which many economists think it will, then that opportunity will grow.

Mark Miller – William Blair & Company, L.L.C.

The company has always from my standpoint been an efficient allocator of capital, you slowed growth when returns fell. Obviously with the type of sales and margin improvement you’re seeing coupled with the lower rents, returns on new stores would seem to be nicely improving. So my question is, what is the appropriate store growth rate for the company, the current pace would seem to be below what you might want to pursue. I guess what kind of growth can the organization handle, what infrastructure that you’d need to build and are you taking steps to do that for future expansion.

Howard R. Levine

Mark, I agree with your comments. I think that as we talked about several quarters ago that we thought it was appropriate to slow down new store growth to focus on improving returns on existing stores. That decision has proven to be a good decision as we’ve seen improved ROIC, more focused on improving shopping conditions, quality issues, etc.

Currently, we continue to believe that we still have substantial opportunities to focus on improving existing stores. That’s where our focus is when you heard the initiatives that we outlined today particularly those that we’re working on in the fourth quarter but over the long-term we certainly understand the importance of new store growth.

The most successful retailers I think have a nice balance between comp store growth and new store growth over the longer-term. We understand that. We have plenty of opportunities ahead of us. Fortunately we have a strong financial position to enable us to take advantage of that. And the slowing of the real estate market will also create even further opportunities for us.

So over the long haul we continue to see new store growth coming back to stronger levels but in the near-term our focus is remaining on continuing to improve performance in existing stores.

Mark Miller – William Blair & Company, L.L.C.

Just a follow-up then to that, I assume you want to complete the realignment of space, so this is probably another year or two years out before we’d see any kind of meaningful pickup. Is that fair?

Howard R. Levine

I don’t want to put a timetable on it. Frankly I think we’re going to constantly be tweaking space within our stores. You heard us talking about one of the things that we’re going to be able to get out of the current realignment is some prototypes which will enable us to facilitate an easier move in the future when we contemplate these sorts of things but really two separate issues from that standpoint but I do believe that you’re right, in the next year plus, we will continue to focus on the execution, performance in existing stores.

But we’ll be mindful of the new store growth opportunities.

Mark Miller – William Blair & Company, L.L.C.

Thanks, Howard.